THE RECESSION: Calls for Tax Cuts and Money Ease

In the minds of President Ford and his
hard-line economic advisers, Public Enemy No. 1 is still inflationnot
recession. That will be clear from the federal budget cuts that the
Administration is expected to urge on Congress this week. Amid evidence
of an economy sliding swiftly into deep recession and forecasts that
unemployment will top 7½% next year, Ford is still likely to ask for
cuts of $4 billion to $5 billion, mostly in defense spending and
social-welfare programs.

When he moved into the White House, Ford promised to get control of...